SEC online submission tool goes live
Legal & Compliance
190 week ago — 4 min read
The Securities and Exchange Commission (SEC) has launched its online submission tool (OST) for annual financial statements (AFS), general information sheet (GIS), and other annual reports.
Starting Monday, corporations and their authorized filers may already enroll in the SEC-OST and thereafter submit their annual reports in digital format and without going to the commission’s offices.
“Beyond making it easier and more convenient for corporations to comply with their reportorial requirements, the OST should help our stakeholders become more comfortable with digital-based transactions, as we harness the full advantages of new technologies in improving our services,” said SEC Chairperson Emilio Aquino in a statement.
Aquino said the initiative is a key component of the commission’s ongoing digital transformation, “bringing us even closer to the achievement of both our ease-of-doing-business and sustainability goals”.
To start using the OST, the corporation and its authorized filer must first enroll at https://cifss-ost.sec.gov.ph by accomplishing an online form and submitting the required documents.
The documents required for enrollment include a board resolution authorizing its representative to file reports on behalf of the corporation, as well as a copy of their submission of email addresses and cellular phone numbers or their accomplished GIS using the 2020 version of the form, as required by SEC Memorandum Circular No. 28, Series of 2020.
Once successfully enrolled, the authorized filer may start submitting reports of the corporation, such as the AFS, GIS, sworn statement for foundation (SSF), general form for financial statements (GFFS), and special form for financial statements (SFFS).
Submissions of affidavit of non-operation (ANO), together with the GIS or AFS, and affidavit of non-holding of annual meeting (ANHAM), together with the GIS, will also be accepted through the portal during its initial implementation.
All stock corporations, including the branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, are required to submit their reports using the OST starting this year.
Non-stock corporations will still have the option to submit their reports over the counter, but they will be required to enroll in and submit their reports through the portal by 2022.
Law, consultancy and other firms providing related services to corporations are also allowed to enroll as authorized filers.
Upon successful submission, the reports will be made available to the public through the online submission portal.
The commission’s extension offices outside of the National Capital Region will only accept reports over the counter if the filer encountered problems during the enrollment or submission process.
The filer will have to present the corresponding notice generated by the OST.
OST kiosks will be made available in SEC offices and other designated areas until Dec. 15, 2021 to provide users with technical assistance. Subsequent submissions will be done remotely.
Earlier this month, the commission also launched the SEC payment portal, which gives clients the option to settle their registration and transaction fees, as well as penalties, online with the use of their debit or credit cards, and PayMaya digital wallets.
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